Business leaders criticise govt amid reports of multinationals considering leaving Pakistan

ISLAMABAD: The business community had high hopes for the current government and Finance Minister Muhammad Aurangzeb, particularly in light of reports suggesting that multinational companies were planning to exit the country and local businesses were considering relocating their back offices abroad.

However, the community has expressed disappointment over the government’s tepid response to these alarming developments.

Pakistani businessmen have historically viewed the current ruling party, particularly the Pakistan Muslim League-Nawaz (PML-N), as more business-friendly compared to other political entities.

This perception is rooted in the party’s legacy, notably the 1991 deregulation, liberalisation, and privatisation programme initiated by former Prime Minister Nawaz Sharif. These reforms aimed to foster free market principles, promote private ownership, and attract foreign investment, laying the groundwork for a more dynamic economy.

Finance Minister Aurangzeb, with his extensive background in the private sector—having served as the head of a major bank and chairman of the Pakistan Business Council (PBC)—was expected to be a strong advocate for the business community within the government.

Yet, the community feels let down by the government’s lack of decisive action in addressing the concerns of investors and businesses.

Adding to the business community’s woes is the ongoing internet crisis in Pakistan. The persistent issues with internet connectivity have become a significant obstacle for millions of people who rely on the internet for their livelihoods, including freelancers who are now fearful of losing clients due to the unreliable service.

Previously, many users could bypass restrictions by using VPNs, but even these workarounds are failing as the internet slows to speeds reminiscent of the 1990s, when Pakistanis used internet cards with their PTCL landline connections.

According to a recent report by Dawn, the business community has voiced concerns about the government’s ineffective efforts to support their interests, highlighting that reliable communication and connectivity are crucial for attracting foreign investment.

Sources close to the matter indicate that the issue is being discussed at the highest levels, with relevant ministries and departments expected to brief the cabinet on potential solutions.

The business community remains hopeful but increasingly anxious, as they await concrete actions from the government to safeguard their interests and the country’s economic future.

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